You are probably ventilating...sucking air into your slip stream. Usual causes are engine mounted too high, too much pitch for the load to be pushed, or obstructions preceding the new water that flows into the prop causing bubbles.
Unless you are unreasonably high, I'd guess that you have something disturbing the water ahead of the lower unit since trim has little effect. If it were a height problem tucking the trim all the way in should eliminate any ventilation. Propellers with "cupped" blade trailing edges are designed to reduce ventilation but the normal use is for Bass Boats (to name an application) with high trim angles and high speeds, and tight turns...on any boat, especially with boats with protruding keels..even if only 1" high.....(aluminum boats in particular...covering where the sheets on the bottom meet).
On too much pitch, the engine is turning the prop shaft, but the high pitch and heavy load mean that there is too much water to be pushed per revolution and the path of least resistance is the air above. Besides that too much pitch isn't good for your engine, especially if it's a 2 stroker.
These are some of the things I picked up over the years. May not be applicable in all cases but are places to look.